As an aspiring Product Manager (PM), you’ll hear a lot about stakeholders. No, they’re not people with actual stakes (that would be weird), but they do hold a lot of power when it comes to the success of your product. So, who are these mysterious stakeholders, and how do you get them to support your ideas? Let’s dive in and find out!

Who Are Stakeholders?

In simple terms, stakeholders are anyone who has an interest in your product. They can be internal, like your development team or the marketing department, or external, like customers or investors. Basically, if they care about the product’s success or have something to gain (or lose), they’re a stakeholder.

Here’s a quick rundown of the common types of stakeholders you’ll encounter as a PM:

• Internal Stakeholders: Your team (developers, designers), company leadership (CEO, managers), marketing, and sales teams.
• External Stakeholders: Customers, investors, clients, or partners who use or invest in your product.

Stakeholders have different needs and priorities. For example, the CEO wants to see business growth, while the development team cares more about technical feasibility. As a PM, your job is to keep them all happy—easier said than done, right?

How to Get Stakeholder Buy-In

Getting stakeholder buy-in means convincing them to support your vision or plan. You can’t just wave a magic wand and get everyone on board. It takes effort, communication, and a little bit of strategy.

Here’s how to do it:

1. Understand Their Needs
   Start by understanding what each stakeholder cares about. Does your marketing team want to see new features that’ll attract more users? Is your CEO focused on revenue growth? Knowing what’s important to them helps you position your idea in a way that meets their goals.
2. Communicate Clearly
   Stakeholders are busy, so get straight to the point. When you’re presenting a new feature or product idea, explain why it matters, how it aligns with the company’s goals, and what the benefits are. Use simple language and data to back up your claims.
3. Show the Value
   Everyone wants to know what’s in it for them. Show stakeholders how your product or feature will add value. Will it drive sales? Improve user experience? Make the team more efficient? Tailor your message to highlight the benefits that matter to each stakeholder.
4. Involve Them Early
   People are more likely to support something they feel a part of. Involve your stakeholders early in the process by gathering their input and feedback. This way, they feel heard and invested in the product’s success.
5. Build Trust
   Trust is everything. If stakeholders see you as reliable and transparent, they’ll be more likely to support your vision. Keep them updated on progress, be honest about challenges, and make sure you deliver on your promises.

What is Stakeholder Mapping?

Stakeholder mapping is like drawing a map of everyone who has an interest in your product, and figuring out how to best manage them. It helps you understand who you need to engage with more closely and who might just need a quick update now and then.

Here’s how you can map stakeholders:

1. Identify Stakeholders
   Make a list of all the people involved in your product’s success—team members, executives, customers, partners, etc.
2. Classify Them
   Not all stakeholders have the same level of influence. You can group them based on their power (how much they can impact the project) and interest (how much they care about it). The most common categories are:some text
   • High Power, High Interest: These are your key stakeholders—people like the CEO or your lead developer. Keep them closely involved.
   • High Power, Low Interest: These stakeholders need regular updates, but they don’t need to be in the weeds of every decision.
   • Low Power, High Interest: These folks care a lot but don’t have much influence. Keep them informed and engaged.
   • Low Power, Low Interest: Just keep these stakeholders in the loop with occasional updates.
3. Engage Accordingly
   Based on your classification, decide how much time and effort to spend engaging with each stakeholder. Focus more on the high-power, high-interest group—they’re the ones who can make or break your product.

‍

Final Thoughts

Stakeholders are essential to your product’s success, and getting their buy-in is key to moving forward. By understanding their needs, communicating clearly, and involving them in the process, you’ll build strong relationships and get everyone pulling in the same direction. And with stakeholder mapping, you can keep track of who to focus on, so no one feels left out.

‍